The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1887-07-07
THE wEEK,s BUSINESS.
Trade Satisfactory, NOtVVishstandIn
stock Hobs and u heat Corners.


stock Jobs and heat Corners.
NEW YORK, July 1.-R. G. Dun s.
Co., in their weekly review of trade,
say: The week has been one of salts
factory business for the season, but of
unusual disturbance IN speculation
Liquidation has reached the stock mar
ket. A week ago, even when this
review was being written, sharp attacks
began. The recovery was especially
rapid, but hesitation in pric es this
week Notwithstanding very favorable
reports of earnings indicates that the
process of liquidation may not in all
directions have been completed. At
their lowest, stocks were down to the
level of january last, as their highest
in May had accurately correspondent
with their highest average before the
break in December.
A corner in June wheat at New York
has succeeded rs completely as the Chi
.cago corner failed, and the prices made
have been SO palpably artificial that
June delivery sold on the last day
of the month 224 cents above the
same grade for July. Nominally, cash
wheat fell q cents on Friday, though
the actual price for other uses than
the settlement of speculative contracts
was not above 264 cents on Thursday,
and So on Friday. The Chicago
market has been quiet with Eastward
shipm nts of 5000, 900 bushels crowd
ing the lake lines to their full capacity.
The June exports have been large, but
the stock carried over to the new crop
year will not fall much below 5O,000,-
600 bushels in excess of the minimum,
and the crop reports are generally IA
vorable, though prolonged drought in
some parts of the Northwest causes ap-
prehensiOn and may lessen the yield.
From Omaha and some of the other
points come reports that the real es
tate excitement has abated, though
prices are maintained and large sums
are being expended in building. 1t
was estimated some weeks ago, from
returns at New York, where the pro-
portion of new buildings in five months
has been Al per cent. to the assessed
valuation of real estate, that the sum
thus invested throughout the country
must be very large. Official returns
for five months from thirty-ive cities
of all sizes and in various parts OF
the country, now show that the value
of new buildings in that time was Az
per cent. of the assessed valuation of
all real estate there in 1880, and the
transfers of property Is per cent. at
all points against IA per
cent. at New York. These
figures would point to an expenditure
in building of 81 300, 10000, 600 if the
same activity should last through the
year, and to transfers of 81 300 ,O0O, GOO.
1t need not be added that reaction and
diminished activity in this direction
are to be expected.
Available mcEey has been turned
into fixed capital, largely in the rail-
road building, though returns dlsap-
point those who expected larger mile
age this year than in 1882. So far the
mileage is 500 miles above that of last
wear to date, but about 800 miles below
the completed work to date in 1880,
1881 or 1888, and 800 below the record
of 1882.
Nav and June returns exceed last
wears but little: but the new securities
listed at the Stock Exchange this year
already exceed S132, 000, 600 stock and
SI33 900 600 bonds which in part ac-
counts for the hesitation in prices.
General reports are almost without
exception satisfactory, trade being
good for the time of year; collections
| fair or better and money in reasonable
supply at all interior, points The dis
aSterS at Chicago and Cincinnati seem
| to have had little effect elsewhere.
A most encouraging feature Is the
| settlement as to wages in the iron
manufacture on 10 per cent advance
and the closing of the builders strike
at Chicago, the shoemakerS' strike In
| Massachusetts and the ore handlers
| strike at Cleveland. The coke strike
| still keeps some furnaces idle and
| stocks of iron west of the mountains
| are thought to have fallen from 1914 ,07S
| tons May 1st to 150, 600 tons. An adj
| vance in August is hoped for, and old
rails have risen the past week.
| The coal output for the half year
will exceed by 1,5O0 tons the
| largest previous output and an
advance in prices is again predicted
In most other branches of trade the
/ condition is reported satisfactory fol
the season.
The bank surplus has never been az
/ low at this time of any previous year
| and fine treasury has taken in 81 500,
600 in gold, while putting out 81 400 90
: IN currency. The heaviest Withdrawal
of hank bonds ever reported IN a single
day naturally attends the maturing o.
the last call for per cent, and TIN
Treasury officials are disappointed be
cause new deposits for circulation
J reach only 81 600 600, the open sup
J ply of money on the London market
: but recent events have caused some sale
/ of stocks on foreign account, an
} merchandise exports from New Yor
fall 8 per cent. below, while import
+ rise is per cent. above those of las
3 | wear for June. Disbursements for III
J ferests and dividends this month, how
: ever. are estimated at $50, 000, 600.
3 The business failures during the la
g seven DAYS number for the Unite
. States. 155: for Canada. q; total, Is
: compared with 1871 last week for Il
: corresponding week last year, I'D.